Yesterday, Wednesday 16 December, the Payments Council Board set a target date of 31 October 2018 for ending the life of the cheque, but Hedge End’s MP – MP for Eastleigh, Chris Huhne – is backing a Commons motion to save it.

Chris Huhne says, ‘This is a real threat to many people who still use cheques as their payment method of preference.’ He is particularly concerned about the effect abolishing the cheque will have on elderly people, many of whom have never used a form of payment other than cash or cheque.

According to the Payments Board before a final decision is made on whether or not to kill off the cheque, a full review will be undertaken in 2016 to ensure that nobody is without a payment method they’re confident of using – either one newly introduced in the run-up to 2018 or an existing means.

The Commons early day motion was signed by MPs from all parties in response to what they see as cost-cutting plans from the high street banks. Chris Huhne: ‘Ministers need to remind the banks that they exist to serve their customers, and not the other way round. I hope that the banks will reconsider their proposals before it is too late.’

If the cheque disappears it will end over 300 years of financial history. Although bills of exchange had been in use since the 12th century the first handwritten cheque (as far as is known) was made out on 16 February 1659 for £400 to a Mr Delboe by a Nicholas Vanacker and drawn on Messrs Morris and Clayton, scriveners and bankers of the City of London.

The printed cheque arrived in 1694 when, at their very first meeting, the Court of the Bank of England created an account enabling customers to draw notes on the Bank up to the extent of their deposits.

The Cheque and Credit Clearing Company manages the cheque clearing system. Managing Director, Angela Thomas, commented yesterday, ‘The Cheque and Credit Clearing Company has worked extensively with the Payments Council on the run-up to its decision today and will continue to be very much involved with their work as we move towards 2018.’

With the introduction of online banking and debit cards and with many shops now refusing to take cheques, cheque-use has declined by 40 percent in the last five years. However, 4 million are still written every day across the UK and they’re seen as a part of the British way of life.

Chief Executive of the Payments Council, Paul Smee says, ‘We have already done a significant amount of work, research and consultation which has convinced us that 2018 is achievable. But the real challenge lies ahead if we are going to be comfortable to wave good-bye to the cheque, which undeniably occupies a unique place in British culture.’

So where do you stand on the proposed abolition of the cheque?

Are you a trader who relies on customers paying by cheque? Are there other viable means for you to collect payment?

Or as in individual do you use cheques to pay the milkman – send a birthday gift – renew a subscription?

Whatever your views, share them with Hedgeendpeople!